Yes, the overwhelming feeling after reading the report was that there were few positives and a lot of negatives, so should be a sell.
The one thing that's got me baffled now is Morgan's kept it as a held (this 'HOLD' was actually an upgrade from around a year ago). I'm not a fan of Morgans, although I note they have shown they are willing to drop companies from coverage in recent times (even one they helped float), so they must see something in the old dog.
Annual report, page-18
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